Bangalore is known as the IT capital of India since there more 3000 IT companies registered at Bangalore, So It is true that the demand for office space in Bangalore has increased over the past few years. Though, it was the IT sector that contributed to it largely there is a lot more to the picture than just the IT sector. Specially, as far as commercial property concerned. The demand for office space has been on a rise from some years now.
The demand for office space at Bangalore in the coming years is not just due to the demand of IT companies but also finance and media companies who will give to the increase. A lot of property advisers have been think that there will be a significant rise in the demand for commercial space in Bangalore in the near future. Obviously then, there has been a much rise in office space for rent in Bangalore over the past few years. There has also been a significant rise in the rates of commercial space because of the increase in demand.
Reasons behind the incensing demand for the commercial space
However, fortunately or unfortunately that didn’t happen and the demand for office space is increasing as the corporate sector is now aware that a commercial building in a good place means an increase to their business. Hence, those selling commercial spaces are highly optimistic about making profits. An analysis of commercial space is more than enough to understand that the market is booming.
Like mentioned before, the IT sector has been the primary reason behind the increasing commercial demand. Other than that banking, finance, insurance and media sectors have also been continuously contributing in the increasing demand for the commercial property. From the minor to the most major business sector, everyone seems have their own office spaces these days. Thus, commercial property builders cash in on the huge demand all the time from the IT sector because of its economical property prices. Adequate amount of floor space is available at reasonable rates. Moreover, there are no shortages of fully furnished spaces which are fully loaded floors with all modern requirements to run a commercial setup. Other than that, the banking, finance, insurance and media sector will remain strong driving forces behind the rise in the demand for office spaces in Bangalore.
Impact on smaller cities
Another major reason behind the increasing demand for commercial space is that small business setups have increased in smaller cities. With rates increasing day by day in major metropolitan cities like Mumbai and Delhi, it only makes sense to set up places on an economical scale in Bangalore. Hence, Bangalore is one of the best options for office space if at all one is considering buying one.